Danaos Corporation ("Danaos") (NYSE: DAC), one of the world's largest independent owners of containerships, today reported unaudited results for the period ended September 30, 2017.
Highlights for the Third Quarter and Nine Months Ended September 30, 2017:
• Adjusted net income1 of $30.1 million, or $0.27 per share, for the three months ended September 30, 2017 compared to $22.8 million, or $0.21 per share, for the three months ended September 30, 2016, an increase of 32.0%. Adjusted net income1 of $83.7 million, or $0.76 per share, for the nine months ended September 30, 2017 compared to $117.7 million, or $1.07 per share, for the nine months ended September 30, 2016, a decrease of 28.9%.
• Operating revenues of $113.6 million for the three months ended September 30, 2017 compared to $111.8 million for the three months ended September 30, 2016, an increase of 1.6%. Operating revenues of $337.6 million for the nine months ended September 30, 2017 compared to $386.2 million for the nine months ended September 30, 2016, a decrease of 12.6%.
• Adjusted EBITDA1 of $79.8 million for the three months ended September 30, 2017 compared to $75.5 million for the three months ended September 30, 2016, an increase of 5.7%. Adjusted EBITDA1 of $230.4 million for the nine months ended September 30, 2017 compared to $274.7 million for the nine months ended September 30, 2016, a decrease of 16.1%.
• Total contracted operating revenues were $1.8 billion as of September 30, 2017, with charters extending through 2028 and remaining average contracted charter duration of 6.0 years, weighted by aggregate contracted charter hire.
• Charter coverage of 87% for the next 12 months based on current operating revenues and 71% in terms of contracted operating days.